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Robert Walters sees annual profit ahead of market estimates

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Robert Walters sees annual profit ahead of market estimates

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(Reuters) - British recruiter Robert Walters, which has raised its full-year profit forecasts twice this year, said annual earnings would now exceed current market expectations due to strong trading, sending its shares sharply higher on Tuesday.

Shares in the company rose 9 percent to 601 pence at 0850 GMT, making the stock the third-biggest gainer on the London Stock Exchange.

The company, which places people in finance, engineering, legal and marketing jobs, said full-year profit before tax is expected to be materially ahead of current market expectations.

The company raised its profit forecast in July before bumping it up again in October, saying banks continued to hire "significant numbers" of people in London, underpinning its confidence that jobs in the sector would not move to the continent anytime soon despite concerns over Britain's vote to leave the European Union.

Where other recruiters in the UK have seen a slowdown in the aftermath of the vote, Robert Walters' results have been broadly stronger, propped up by consistent growth in its domestic outsourcing services business.

(Reporting by Rahul B in Bengaluru, editing by Louise Heavens)

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